02-27-2011, 10:29 AM
Here is a very detailed report on the problems facing the states.Click on the highlighted report to read the whole thing.
http://www.pewcenteronthestates.org/repo...x?id=56695
Here is an excerpt that deals with Hawaii
Hawaii.
The Hawaii Employees Retirement System had a funding level of 68.8 percent, a total liability of almost $16.6 billion in fiscal year 2008 and an unfunded liability that was about one and one-third times its payroll. Hawaii had several problems that contributed to its underfunded pension status. Its legislature diverted about $1.7 billion from annual contributions in the early years of this decade. Also, until 2006, all employees were in a non-contributory system, which means they did not pay anything for their pensions. This system is being phased out, with a new contributory plan that began in 2006
http://www.pewcenteronthestates.org/repo...x?id=56695
Here is an excerpt that deals with Hawaii
Hawaii.
The Hawaii Employees Retirement System had a funding level of 68.8 percent, a total liability of almost $16.6 billion in fiscal year 2008 and an unfunded liability that was about one and one-third times its payroll. Hawaii had several problems that contributed to its underfunded pension status. Its legislature diverted about $1.7 billion from annual contributions in the early years of this decade. Also, until 2006, all employees were in a non-contributory system, which means they did not pay anything for their pensions. This system is being phased out, with a new contributory plan that began in 2006